A property sale creates a taxable event. Capital gains tax will apply if you made a profit from the sale of your property. However, there may be exceptions. Several options are available to reduce or eliminate capital gains tax when you buy another house. This depends on whether you intend to use the funds for …
How can you avoid paying capital gains tax by buying another house? Read More »
You can use a 1031 tax deferment on many types of investment property exchanges. An investor can use a 1031 Exchange to fund a new construction project. While the simple answer to this question is “Yes,” it can also be complicated. The IRS generally prohibits the use of funds from a 1031 Exchange for new …
Is a 1031 exchange allowed for new construction? Read More »
It is sometimes surprising that people confuse “tax evasion” and “tax planning,” but there are vast differences between them. One is illegal and can result in serious penalties (tax fraud). At the same time, the other is something that government and tax authorities take as a given (tax planning). Tax avoidance is a source of …
Nobody likes to be audited or questioned by the IRS. Although it is rare for individual taxpayers to be audited by the IRS, it can be costly, stressful, and time-consuming. Additional bills can result from a tax audit, which averages $21,918. It is not easy to deal with an audit. It is much easier to …
You might notice HOA fees listed on some condos and houses for sale when looking at properties. HOA fees can be mandatory. You may be curious about how often they must be paid, the cost of the fees, and whether you can deduct HOA fees. When calculating your monthly housing budget, HOA fees should be …
Schedule K-1 and 1099 Forms are tax returns for various income types. There are many 1099 forms. The income source will determine which 1099 you receive. K-1 is available to business partners or owners of a business. 1099 Vs. Schedule K-1 There are many types of 1099s. These are used to get income from sources …
It can be difficult to realize that your business is losing more money than it is making. If you don’t know the problem, you need to find the root cause. This is the first step toward halting cash flow from your bank accounts. Business owners have been troubled by bookkeeping issues for years. However, this …
It’s never easy to prepare for tax season. But, if these five tips are followed, it will be stress-free. Update Your Books It is best to dedicate at least one hour per month to updating your books. This will give you up-to-date information about your finances and ensure everything is for tax season. This will …
5 Simple Ways to Enjoy a Stress-Free Season in Tax Read More »
Making your taxes an absolute pain. If you’re not certain how to proceed, you could end up paying more than you should. Have you realized that if retired (or those who are 65 or older), you’re entitled to various tax breaks that could help you save thousands of dollars each year? Learn more about it …
3 Tax Benefits American Retirees Need To Be Aware Of Read More »
Financial fraud is increasing. As an owner of a business, it is your responsibility to take every step to shield your business from these risks. Wrong business decisions, bad management, and failing to tackle risks seriously can result in huge financial losses for your business. However, there are methods to keep fraud from infiltrating your …
6 Methods To Protect Your Business From Financial Loss Read More »
